LA Dodgers are Bankrupt

[gblowfish]

http://tinyurl.com/3epfo97
Dodgers file for bankruptcy protection in Delaware
By ROBERT JABLON, Associated Press

LOS ANGELES (AP)—The Los Angeles Dodgers filed for bankruptcy protection in a Delaware court Monday, blaming the refusal of Major League Baseball to approve a multibillion-dollar TV deal that owner Frank McCourt was counting on to keep the troubled team afloat.

The Chapter 11 financing permits the Dodgers to use $150 million for daily operations and buys time for the team to seek a media deal, the team said in a news release.

“There will be no disruption to the Dodgers day-to-day business, the baseball team, or to the Dodger fans,” the statement said.

Bankruptcy protection will provide the Dodgers with a process to address its immediate financing requirements and obtain the capital necessary to ensure the baseball franchise’s long-term financial stability, the team said.

McCourt said the Dodgers have tried for almost a year to get Selig to approve the Fox transaction. The deal would have provided him with $385 million up front and was vital to a binding settlement reached between him and his ex-wife and former Dodger CEO Jamie McCourt last week. McCourt now faces the potential of missing a June 30 team payroll without the TV funds and that could lead to a MLB takeover.

The McCourts have been embroiled in a contentious divorce where their lavish spending habits were detailed in court documents. The former couple took out more than $100 million in loans from Dodger-related businesses, records show.

In April, MLB took the extraordinary step of assuming control of the troubled franchise. Former Texas Rangers President Tom Schieffer was appointed to monitor the team on behalf of Selig, who said he took the action because he was concerned about the team’s finances and how the Dodgers are being run.

McCourt has maintained he met the criteria set forth by baseball officials in order for the TV contract to be approved and would amend the conditions if need be. The Dodgers’ current TV deal with Fox expires in 2013.

The divorce settlement, now voided because of Selig’s decision, called for a one-day “characterization” trial Aug. 4 to determine if title to the Dodgers is in Frank McCourt’s name or if the team should be considered community property and sold. Sacks said the trial may be shelved and Superior Court Judge Scott Gordon could decide how to handle the former couple’s assets at a later date.

Gordon ruled in December that a postnuptial marital agreement that gave Frank McCourt sole ownership of the Dodgers was invalid. That cleared the way for Jamie McCourt, who served as the team’s CEO and was fired by her ex-husband two years ago, to seek half the team under California’s community property law.

[The Franchise]

Go fuck yourself McCourt.

http://www.markcubansavethedodgers.com/

[Over-Head]

...."The McCourts have been embroiled in a contentious divorce where their lavish spending habits were detailed in court documents. The former couple took out more than $100 million in loans from Dodger-related businesses, records show.
"....



Ya wanna play, ya gotta pay.
If ya can't...then sit back and take your lumps like every other business owner has too. Work your company as a business, or lose it.

Drives me nutts how these ****en millionaires live life like kings then cry poor or empty pockets.

[CaliforniaChief]

The top creditor listed is Manny Ramirez (over $20 million) with Andruw Jones coming in 2nd over $11 million. Marquis Grissom and Vin Scully are also creditors.

What a shame. Frank and Jamie McCourt have destroyed one of the great franchises in professional sports history.

[Demonpenz]

L.A. Credit Dodgers

[Brock]

Wut? I thought these sports team owners were magnificent businessmen who pulled themselves up by their bootstraps.

[Frazod]

Perhaps somebody could compile a list of things in Kalifornia that aren't fucked up.

I assume it would be fairly short.

[Stewie]

The top creditor listed is Manny Ramirez (over $20 million) with Andruw Jones coming in 2nd over $11 million. Marquis Grissom and Vin Scully are also creditors.

What a shame. Frank and Jamie McCourt have destroyed one of the great franchises in professional sports history.

I was listening to the radio and they said the Dodgers owe $2.2 million to someone (I'll see if I can find his name) that last played for them in 2002. That's a major WTF, right there.

[Rain Man]

Baseball is a declining industry. We're already outsourced most of the good jobs to Latin America.

[ChiefsCountry]

Prenup would have not caused this mess.
Posted via Mobile Device

[Dave Lane]

Prenup would have not caused this mess.
Posted via Mobile Device

Reading would have not caused this post.

[blaise]

Good thing they let Mark Cuban know he wasn't welcome as an owner. He might have embarrassed the league.

[Stewie]

Reading would have not caused this post.

Or this post. They didn't have a prenup.

[gblowfish]

Trey Hillman's paychecks are bouncing!

[Bill Lundberg]

Good for them, now they'll probably make it to a World Series in a year.


Signed,

The Texas Rangers

[Rain Man]

If your household is spending $100 million more than it's taking in, it's time to start drawing up a monthly budget.

[Brock]

They should probably just go with a basic cable package and get rid of HBO.

[Iowanian]

If they would have just paid for everything with cash they wouldn't be in this mess.

[Rain Man]

They should probably just go with a basic cable package and get rid of HBO.

That's a good start. HBO is expensive.

I would also suggest trying to take one less suitcase on their next private jet vacation. More weight means more fuel being used. Perhaps they can also replace the onboard masseuse and flight attendant with skinnier ones.

[DJ's left nut]

Or this post. They didn't have a prenup.

It wouldn't have made a difference.

The lack of a pre-nup may have prolonged the process, but a pre-nup wouldn't have meant that Jamie got nothing. The courts can (and often will) annul a pre-nup. And don't worry, in California, they'd have absolutely done just that unless it ended up with Jamie still getting a couple hundred million.

The divorce was going to create a huge financial problem for the Dodgers, clean or not. Frank McCourt essentially purchased the Dodgers on credit, then used the Dodgers as collateral in a ton of business deals. He was leveraged to the hilt.

Perhaps not getting a divorce could've held this off. At that point Selig wouldn't have looked at all the Dodgers dealings with such a jaundiced eye. But once Jamie started drilling her driver and Frank fired her, MLB started looking very closely at the finances of the Dodgers and realized they were a house of cards. Without that scrutiny, the $billion tv deal goes through and McCourt saves his ass - but that's about it.

The problem wasn't the lack of a pre-nup, the problem was that Frank McCourt is a crook that shouldn't have been given a team to begin with. In other words, the problem (as ever) is Bud Selig.

[blaise]

They shouldn't have bought 700 million dollars worth of Manny wigs.

[Amnorix]

If your household is spending $100 million more than it's taking in, it's time to start drawing up a monthly budget.


My understanding -- and I have no idea if I read this or just heard about it -- is that the McCourts took NO salary/income from any of their businesses, they just took loans against their ownership interests. The theory was that the interest they paid on the loans was far less than the taxes they would have paid on their income, had they taken any.

[gblowfish]

I just heard on one of the sports news channels the Dodgers owe more in contract guarantees to guys who aren't even on the field (example: Manny) than the Royals entire 2011 payroll. That's nuts.

[Stewie]

My understanding -- and I have no idea if I read this or just heard about it -- is that the McCourts took NO salary/income from any of their businesses, they just took loans against their ownership interests. The theory was that the interest they paid on the loans was far less than the taxes they would have paid on their income, had they taken any.

This is quite common. It's why income tax will never touch the wealthy. First, they already have the money, and second, their assets protect them from paying menial taxes. Those are for the workers.

[The Franchise]

I just heard on one of the sports news channels the Dodgers owe more in contract guarantees to guys who aren't even on the field (example: Manny) than the Royals entire 2011 payroll. That's nuts.

That's called awesome ownership. :rolleyes:

[KurtCobain]

I feel 'em.

[Rain Man]

My understanding -- and I have no idea if I read this or just heard about it -- is that the McCourts took NO salary/income from any of their businesses, they just took loans against their ownership interests. The theory was that the interest they paid on the loans was far less than the taxes they would have paid on their income, had they taken any.

That just ain't right.

[Mr. Laz]

This is merely a trick by the evil owners to use in the next CBA to try and screw the poor players out of their well-deserved compensation.

[Rams Fan]

It's a shame what the McCourts have done to the Dodgers.

[Al Bundy]

The top creditor listed is Manny Ramirez (over $20 million) with Andruw Jones coming in 2nd over $11 million. Marquis Grissom and Vin Scully are also creditors.

What a shame. Frank and Jamie McCourt have destroyed one of the great franchises in professional sports history.

They are still paying Marquis fucking Grissom?

[kcxiv]

Dodgers are bankrupt because of the fucking owner. That dude and his wife/ex wife used that shit as an atm and destroyed it. I hope they get rid of this assclown fast and sell to Cuban who is very interested.

[kcxiv]

They are still paying Marquis ****ing Grissom?

Dude Bobby Bonilla is still get paid by the mets, something like 3 million a year for the next 25 years with interest its something crazy stupid.

[Rams Fan]

Wasn't there a reason why McCourt didn't buy the Red Sox?

[kcxiv]

Wasn't there a reason why McCourt didn't buy the Red Sox?

Bud Selig fucked up and he's now trying to correct his mistake. Was an epic fuck up, but i guess better late then never. There is a great article on espn on how they need to let Mark Cuban into baseball. Its a good read.

[Titty Meat]

David Glass should move the Royals to LA.

[Crush]

David Glass should move the Royals to LA.

I know you are trolling, but I am kindly suggesting that you, as the kids would say, go "fuck yourself" at your earliest convenience.

[chefsos]

That brings up a question, actually: What if Glass and McCourt traded franchises? Hell, for argument's sake assume that McCourt's financial mess is magically erased.

Good or bad?

[Al Bundy]

I know you are trolling, but I am kindly suggesting that you, as the kids would say, go "**** yourself" at your earliest convenience.

You forgot to tell him to die in a fire as he falls down an aids tree while drinking anti-freeze.

[Rain Man]

Dude Bobby Bonilla is still get paid by the mets, something like 3 million a year for the next 25 years with interest its something crazy stupid.

Are you serious? If so, the next sound you hear will be my jaw hitting the floor.


Is Steve Young still getting his million a year or whatever from the Los Angeles Express? If so, that's a sweet deal.

[kcxiv]

Are you serious? If so, the next sound you hear will be my jaw hitting the floor.


Is Steve Young still getting his million a year or whatever from the Los Angeles Express? If so, that's a sweet deal.

i am dead serious. It was initially 1 million but over time with the adjustments it got to be close to 3 million or something stupid crazy.



Dude won the lottery after his baseball days were done. ill try to find the article.


edit-

http://online.wsj.com/article/SB10001424052748703426004575339013108198050.html

i dotn know how the intrest n all that shit work, but read it. He got over on the Mets big time.

[Al Bundy]

i am dead serious. It was initially 1 million but over time with the adjustments it got to be close to 3 million or something stupid crazy.

Dude won the lottery after his baseball days were done. ill try to find the article.
and he's a serious asshole to boot.

[Dylan]

Perhaps somebody could compile a list of things in Kalifornia that aren't fucked up.

I assume it would be fairly short.

the illegals still have their jobs in Cali -- no?

[chefsos]

I guess these guys really want their paychecks...

LAD 15, Min 0

[listopencil]

Perhaps somebody could compile a list of things in Kalifornia that aren't ****ed up.

I assume it would be fairly short.

I have sheep. They're pretty cool. That's about it. I got nothing.

[BIG_DADDY]

Perhaps somebody could compile a list of things in Kalifornia that aren't ****ed up.

I assume it would be fairly short.

Vast majority of military weaponry is contructed here.
Technology epicenter
Weather
Beaches
Bitches
Federal income tax which benefits the entire country
Food, tons of it comes out of here
How about GDP? California's 1.8 Tillion is the Worlds 8th largest economy.
Georaphy in general.
The Lakers - It's a personal thing. The World Champion Giants.
Infrastructure
Ocean Front/ Ports/ How much of what you by comes through here?

There is alot more but I'll let it rest. There is a lot that is fucked up for sure and I will be the first to admit it but quality of life if you can make it out here is pretty good. The whole let them fall in the ocean thing is understandable and funny but the bottom line is if it happened it would completely devastate this country.

To be fair give me the rundown of all that is cool where you are or as you put it, what is not fucked up?

[Sweet Daddy Hate]

I find myself overwhelmingly unconcerned with the welfare of said team.

[BIG_DADDY]

I find myself overwhelmingly unconcerned with the welfare of said team.

I'm a Giants fan, the Dodgers can go to hell as far as I am concerned. Maybe they can get a loan from Manny.

[Sweet Daddy Hate]

I'm a Giants fan, the Dodgers can go to hell as far as I am concerned. Maybe they can get a loan from Manny.

I don't really have a team. I hope that KC does well because I'm from there, but....


Yeah.

[chefsos]

I'm a Giants fan, the Dodgers can go to hell as far as I am concerned. Maybe they can get a loan from Manny.I think they're about halfway there.

I also think it'd be hilarious if they send Manny a bazillion dollar check that bounces.

[ShowtimeSBMVP]

DaveTelepDave Telep

by KenWeinman1057



Stay classy LA Dodgers. PR nightmare continues w/bounced paychecks.. http://es.pn/iBydqk


JFC THIS IS SAD

[kcxiv]

has to get worse before it gets better. I hope this shit fails and fails til they sell the team.

All this is great for Dodger fans right now.

[Rams Fan]

If I were a Dodgers fan, I'd want to kill McCourt right about now.

[kcxiv]

If I were a Dodgers fan, I'd want to kill McCourt right about now.

He has 0 fucking fans. EVERYONE hates him. He needs to just fucking stop with this bullshit. sell the team. collect alot of money and ride off to the sunset doing who gives a fuck what. lol

[Rams Fan]

He has 0 ****ing fans. EVERYONE hates him. He needs to just ****ing stop with this bullshit. sell the team. collect alot of money and ride off to the sunset doing who gives a **** what. lol

I went to a game at Dodger Stadium last year. Took the Dodger Bus from Union Station to the game. I was talking with a few guys saying how McCourt had ruined the team. I knew about the divorce, but I didn't know it was this bad.

[kcxiv]

I went to a game at Dodger Stadium last year. Took the Dodger Bus from Union Station to the game. I was talking with a few guys saying how McCourt had ruined the team. I knew about the divorce, but I didn't know it was this bad.

He doesnt even freaking watch the game live. When he first arrived in L.A he would sit close to the field ALL THE TIME with Tommy Lasorda. He doesnt even attend anymore.

[Rams Fan]

He doesnt even freaking watch the game live. When he first arrived in L.A he would sit close to the field ALL THE TIME with Tommy Lasorda. He doesnt even attend anymore.

I thought he did in April?

[chefsos]

I wonder if Manny got his eleventy million.

[kcxiv]

I thought he did in April?

Maybe he has been to 1 or 2? i dont know. Baseball has alot of games i watch alot of them, but i never see his ass there only Tommy. If he did attend it was after the fan incident and he had about 120 cops surrounding him. haha

[chefsos]

I lol'd. MLB won't sell 'em, though.

http://coedbc.files.wordpress.com/2011/06/chapter-11-jersey.png?w=600&h=350

http://www.twackle.com/sitebar?url=http%3A%2F%2Fbustedcoverage.com%2F2011%2F06%2F28%2Fthe-hottest-l-a-dodgers-jersey-on-market-chapter-11-morning-twitpic%2F